It can be said that, ultimately, consumers are the driving force behind answers to the three basic economic questions faced by societies. Explain the consumer's role in providing these answers
What will be produced is directly determined by businesses. However, firms are aware that the way to succeed is to offer products that consumers find desirable. What businesses produce is determined by what they believe consumers want. How goods are produced is determined by firms that seek to reduce the costs of production. Since consumers are price conscious, they will buy lower-priced products (ceteris paribus). The consumers who have earned sufficient wealth and are willing to spend their wealth on these products are the individuals who will ultimately receive these products.
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A gamble can be described as "fair" if the expected value of the gamble (including any costs of play) is
a. positive. b. zero. c. negative. d. one.
The longer you hold stocks in the stock market, the more likely you will earn a positive return, ceteris paribus
Indicate whether the statement is true or false
Equilibrium quantity is _____.
When unwanted inventories pile up in retail stores, retail managers will take actions that lead to greater
A. Wages. B. Economic growth. C. Inflation. D. Unemployment.